August 5, 2013 by Billionaire Addresses
Update: Ira Rennert’s mansion is back in the news as he was accused and found guilty of using funds from a now-bankrupt mining company he owned to pay for personal luxuries, as jurors found Friday, February 27, after a trial that spotlighted the mansion featured here which is one of the world’s biggest private homes. A Manhattan federal jury levied $118 million in damages against Rennert and his Renco Group Inc.
The mining mogul looted his bankrupt magnesium producer and must pay back at least $118.2 million in damages to the defunct company, a federal court jury ruled Friday.
Rennert used about $41 million of that cash to help fund the construction of his sprawling 62,000 square foot, 29-bedroom, 39-bath Hamptons estate that is believed to be one of the largest residences in the country.
The 80-year old billionaire could be on the hook for hundreds of millions of dollars above the verdict amount as the damages do not include interest — which the court has yet to total.
The damages are nearly the exact amount of dividends Rennert was accused of swiping from Magnesium Corp. of America as it teetered on the brink of insolvency in the mid- to late 1990s.
Hours after the jury left the courtroom, Rennert’s legal team, after parsing the verdict sheet, discovered what it said were discrepancies in the decision that could result in the verdict getting tossed in the lawsuit.
The jury found MagCorp was solvent when the dividends were claimed and that Rennert did nothing wrong, Peter Haveles, a lawyer for the mogul, said in a statement. Despite this, the jury found Rennert liable for the fraudulent conveyance and that he was subject to pay damages. Rennert’s legal team is expected to ask Judge Alison Nathan to vacate the verdict, sources said.
Trustee lawyer Nicholas Kajon said he was certain the jury was not confused and the verdict would stand.
Below is our original post about his home in question.
Though not the best quality photos, we thought we would take an updated look at junk bond billionaire Ira Rennert’s Southampton mansion. Though the property has been photographed thousands of times, we thought some of our viewers may not have seen this one.
Here’s a little background of the mansion provided by thepinnaclelist.com:
Valued at over $200 million according to tax assessments, the Fair Field Estate of industrial billionaire Ira Rennert is arguably the largest and potentially, the most expensive home in America.
Located on 63 prime waterfront acres in Sagaponack, New York, the sprawling Hampton’s Estate began construction in 1998 and was completed in 2003. Depending on the source, living space within the compound ranges from 43,031 to 100,000 sq. ft. with estimates of bedrooms varying from 21 to 29 and bathroom estimates ranging from 18 to 39. Officially, public records indicate that the estate has 43,031 sq. ft. with 21 bedrooms and 18 bathrooms.
The lavish compound includes three swimming pools, a 164-seat screening theater, two bowling alleys, two tennis courts, two squash courts, a basketball court, and so many other buildings that an on-site power plant needed to be built to supply electricity to the estate.
Ira Rennert purportedly showcases a portion of his massive art collection worth in excess of $500 million at the estate, so security at the gated compound is obviously a very high priority.
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